Archive for July 26th, 2019

Bench Accounting Client Reviews

We may make money when you click on links to our partners. Every business expense is categorized by your Bench team, making it easier for you to find every deduction you deserve. Software was to difficult to use and categorizing expenses was a headache. I constantly had to go back and approve scanned receipts, too time consuming. Bench tracks all expenses and the team communicates regarding expenses in question and suggest “expense categories.” I’ve been using Bench for years now and it’s so simple to see and manage my books.

In order to do their work, they ask you for read-only access to your accounts or account statements; something we also do. Cash Basis accounting will work for some businesses, but before you decide to go this route, you should understand what Cash Basis Accounting means. This is simply because, once you link your accounts, Bench takes care of the rest. This means there’s no longer any manual processes and that you’ll have to spend hours each month on your bookkeeping yourself. Also, with Bench there’s no need to manually send any documents and the team will complete your bookkeeping within 15 business days after the end of the month. Each plan, irrespective of price, comes with its own bookkeeper and intuitive software that you can use to track your finances. The plans include monthly bookkeeping for up to 15 financial accounts and if your business requires more accounts or additional services, it may be necessary to get a custom price from Bench.

Bench Accounting Executive Team

Check it twice, and make sure you’re claiming everything you can. “Bench gives me the peace of mind that my bookkeeping is done correctly so that I can focus on growing my business.”

Whether you’d like a tax season review call or a monthly check-in, they can assist you. Your bookkeeper will also reach out regularly with updates. There’s no extra fee or hourly charges for support, and you’re welcome to reach out to them whenever you have a question. There’s no need to manually send any documents to Bench since your company’s financial accounts are linked to your Bench account. The Bench team will complete your bookkeeping within 15 business days, giving them enough time to make any adjustments before the end of the month. Your team of small business experts imports bank statements and prepares financial statements every month. Your Bench bookkeeper works in-house, and they’re backed by our Client Research Team to provide you with informed answers to complex questions.

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Personal federal and state income tax filings are also included for sole proprietors in the Premium plan. You can also add on personal filing for one partner for S-corps, C-corps, and partnerships for $45 per month. The in-house team at Bench is primarily composed of professional bookkeepers, who can make suggestions to keep your bookkeeping stress free. However, bookkeepers cannot legally provide tax or financial advice – this is the job of a CPA or attorney. Every month, your bookkeeper will send you financials including an Income Statement and Balance Sheet. You will also receive visual reports that detail your revenue, expenses, and historical performance.

When you need to access your Bench dashboard, you can do so easily online, provided you have a working internet connection. With Quickbooks bookkeeping software, you can tailor the dashboard to your businesses needs. With the affordability factor comes a lot of standardization, including in the Bench account dashboard and its ability to generate ad hoc financial reports. However, Bench bookkeeping does provide some clients with accrual basis accounting. Bench is vague regarding whether you pay extra for accrual accounting, but it does state that in some cases they will develop a modified bookkeeping plan if you require it. Specialized bookkeeping is necessary if your business requires property tracking, third party revenue collection, or cash revenue and cash expense tracking.

Hackathons At Bench

Bookkeeper360 is worth consideration if you’re looking for more add-ons and customization. They are a full-service back office accounting solution that can even include HR and payroll. Bench provides most clients with a modified form of cash basis bookkeeping, in which the transactions are recorded as soon as money has been deposited or charged to your bank or credit card. Relative to most bookkeeping services, Bench is affordable. On average, bookkeeping pricing packages will cost between $200 to $400 per month.

• The feature doesn’t stop with tax season though and they offer year-round tax advisory services and their in-house tax professionals are always on hand for all your tax planning needs.
• The in-house team at Bench is primarily composed of professional bookkeepers, who can make suggestions to keep your bookkeeping stress free.
• This does not allow for an easy transition between accounting software if you decide to leave.
• If your business needs invoicing, bill payment, property tracking, or third-party revenue collection, you’ll need to sign up for specialized bookkeeping, which starts at $100 per month.
• And as controlling spending is part of growing your business, with Bench you’ll be able to manage your expenses efficiently.

Yield is variable, fluctuates and is inclusive of reduced expense fees, as determined solely by the fund manager. See program disclosures and the applicable fund prospectus before investing for details and other information on the fund. Contact us for a copy of the fund prospectus and recent performance data. Past performance is not necessarily indicative of future results. Jumping in feet first, we immediately began to immerse ourselves in all things Bench. The results are a space that is as agile as they are, reflecting their values and harnessing their entrepreneurial spirit.

Time

This system connects you to a live, certified bookkeeper that can help you with your books. You should just keep in mind, though, that it’s more expensive than Bench accounting although the platform is more scalable and widely used.

The client praises Bench Accounting for their fast communication, as well as the internal bandwidth their services free up. Customers can expect a personable and respectful partner. They ensure that our books are updated within a reasonable timeline. While they tend to be on the slow side, I’m not entirely concerned. Customers can expect an effective and professional engagement with their team. PitchBook’s non-financial metrics help you gauge a company’s traction and growth using web presence and social reach. PitchBook’s comparison feature gives you a side-by-side look at key metrics for similar companies.

A Necessary Service For Your Business!

Bench is a proprietary accounting software which does not provide an export that is compatible with major accounting software . However, if you just want basic bookkeeping services, Bench is one of the most cost-effective and highly-rated options on the market. Additionally, you can test out the service for yourself with a one-month free trial before committing. Bench uses 256-bit SSL/TLS encryption to keep your data safe. In terms of its bookkeepers and tax professionals, Bench has a rigorous screening process, including the use of criminal background checks and multiple interviews. Bench has a simple user dashboard that makes it easy to view your financial data, communicate with your bookkeeping team, or run reports as needed.

The big drawback with a traditional bookkeeper, though, is that they cost a lot more with most bookkeepers charging between $20 and $50 per hour and they often have a set monthly minimum. So, yes, you’ll save time in which you can make more money for your business, but you’ll end up paying a lot more. My bookkeeper does change every 6 months of so, but the handover has been good each time. I have multiple bank accounts and they always reach out on time when they need a document uploaded. I plan to continue working with them for as long as I’m in business. However, they were unhappy with the level of financial statements customization and categorization provided by Bench within these reports.

Research Containing Bench Accounting

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Once your books are complete, your bookkeeper will update the status of the task on Bench’s platform to acknowledge that fact. You’ll then be able to analyze and review accounts via the “reports” section. Your bookkeeper will import your financial data every month to tot up your expenses and whatnot. In our Bench.co review you will learn more about Bench.co features, pros, cons, and factors to consider when choosing your accounting software. Bench Accounting integrates with Gusto to help you manage your payroll transactions. Gusto files local, federal, and state payroll taxes automatically and generates W-2s. It helps you manage employees’ information, benefits, and deductions.

Granted, they are provided professional bookkeeping services as well as the software, but for a business with 50 transactions per month, it is a little overkill. Bench offers a Profit and Loss and a Balance Sheet on a cash basis. Your Profit and Loss shows you the income and expenses for a period- which can be a day, a month, a year, etc. Your Balance Sheet is a snapshot of the financial position of your business in a point of time. On your Balance Sheet, you can see your assets , liabilities , and equity .

This means you’ll still need to spend time every month entering and categorizing transactions. And, like your beloved spreadsheets, if you make a mistake it will result in inaccurate books. So, you’re a freelancer or small business owner and you’re struggling with your bookkeeping. Let’s face it, it’s not the most exciting thing there is, and it can get quite complicated sometimes but like they say, it has to be done. Other providers seem to be complicated and non-specialized.

We’re excited to keep providing the support you need so you can continue to grow your business. Thank you ssmarie for taking the time to write this glowing review! We’re absolutely thrilled to hear that we have been able to give you peace of mind, knowing that your bookkeeping is in great hands! We’re excited to keep providing the support you need so you can continue to grow your businesses. I am giving them two stars in my initial review, but it is borderline and on the precipice of dropping to one. Just like many of the other negative reviews, I also paid for Bench to finish my historical books .